Net sales were $1.03 billion versus $1.05 billion in the quarter a year before as a 0.3% increase in comparable sales and cash generated by 11 additional Michaels stores net of closures partially offset a revenue decrease associated primarily with the closure of the company’s Pat Catan’s stores in fiscal 2018, Michaels stated.

Operating income was $71.3 million versus $74.3 million in the year-previous quarter.

“We are pleased to return to positive comparable store sales in the second quarter of fiscal 2019,” said Mark Cosby, Michaels interim CEO. “Our teams are focused on driving sales and executing on our 2019 priorities, and the early results show the customer is responding positively. It is encouraging to see this early progress, and we are focused on the disciplined execution of our priorities to continue to build on this early momentum.”

Current Issue

Editor-In-Chief Peter Giannetti previews the September 9 edition, a special HomeWorld Business 30th Anniversary edition featuring the 2019 Top 100 Housewares Retailers Report. The Top 100 ranking and accompanying analysis reveal shifting housewares retailing market share and volatility in key channels. The special 30th Anniversary issue also looks at industry evolution the past three decades through the eyes of veteran housewares leaders.
Play video